Question

Find the amount and the compound interest on ₹ 2500 for 2 years at 10% per annum, compounded annually.

Answer 1

Answer:

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Answer 2

Given :

Principle : ₹2500

Rate of interest : 10%

Time : 2 years

To find :

The compound interest and the total amount.

Solution :

First, we should find the amount,

$\sf \dashrightarrow Amount = Principle \bigg( 1 + \dfrac{Rate}{100} \bigg)^{Time}$

$\sf \dashrightarrow A = 2500 \bigg( 1 + \dfrac{10}{100} \bigg)^{2}$

$\sf \dashrightarrow A = 2500 \bigg( \dfrac{100 + 10}{100} \bigg)^{2}$

$\sf \dashrightarrow A = 2500 \bigg( \dfrac{110}{100} \bigg)^{2}$

$\sf \dashrightarrow A = 2500 \bigg( \dfrac{11}{10} \bigg)^{2}$

$\sf \dashrightarrow A = 2500 \bigg( \dfrac{11^2}{10^2} \bigg)$

$\sf \dashrightarrow A = 2500 \bigg( \dfrac{121}{100} \bigg)$

$\sf \dashrightarrow A = \dfrac{2500 \times 121}{100} = \dfrac{302500}{100}$

$\sf \dashrightarrow A= \cancel \dfrac{302500}{100} = 3025$

Now, we can find the compound interest.

Compound interest :

$\sf \dashrightarrow Compound \: Interest - Principle$

$\sf \dashrightarrow 3025 - 2500$

$\sf \dashrightarrow Rs.525$

Hence, the compound interest and the total amount are ₹525 and ₹3025 respectively.